Singapore passes new law to tighten rules for crypto providers
Singapore passed a law on Tuesday that will require crypto service providers operating locally and overseas to be licensed, the latest move to tighten its grip on the sprawling crypto industry.
Previously, such companies are not regulated for anti-money laundering and anti-terrorism counter measures.
The move follows closely at the heels of the financial regulator’s recent move to deter crypto companies from advertising their services to the public, attesting to Singapore’s heavy handed approach on the crypto sector.
The law is part of the Financial Services and Markets Bill that imposes a penalty of S$1 million ($737,050) on financial institutions if they experience cyberattacks or their services are disrupted.
The law also endows the Monetary Authority of Singapore powers to ban players who are deemed unfit from performing key roles, participating in activities and functions in the industry. It will also extend to players who are providing payment services and managing risk in the sector.